Table V Correlation matrix TAXVOID DERIV...

Table V

Correlation matrix

	TAXVOID	DERIV	SIZE	ROA	DTA	CAPINT	TAXRATE
TAXVOID	1.0000
DERIV	0.0748***	1.0000
SIZE	−0.0320	0.0110	1.0000
ROA	0.2184***	0.1089***	0.2213***	1.0000
DTA	−0.0329	0.1626***	0.3183***	−0.0839***	1.0000
CAPINT	0.0008	0.0572**	0.1859***	0.0413	0.0384	1.0000
TAXRATE	0.0499*	−0.1366***	0.3669***	0.0951***	−0.0289	0.1812***	1.0000

	TAXVOID	DERIV	SIZE	ROA	DTA	CAPINT	TAXRATE
TAXVOID	1.0000
DERIV	0.0748***	1.0000
SIZE	−0.0320	0.0110	1.0000
ROA	0.2184***	0.1089***	0.2213***	1.0000
DTA	−0.0329	0.1626***	0.3183***	−0.0839***	1.0000
CAPINT	0.0008	0.0572**	0.1859***	0.0413	0.0384	1.0000
TAXRATE	0.0499*	−0.1366***	0.3669***	0.0951***	−0.0289	0.1812***	1.0000

Notes: DERIV, notional amount of financial derivatives, scaled by lagged total assets; TAXVOID, the level of tax avoidance; SIZE, natural logarithm of total assets; ROA, return on asset; DTA, total debt to total assets; CAPINT, capital intensity; TAXRATE, the statutory corporate tax rate in each country. *,**,***Significant at 1, 5 and 10 percent levels, respectively, two-tailed test

[ViewLarge]

Sharing Unavailable